Crypto can be a huge source of FOMO. If you had only invested in Bitcoin when it was a few cents, you’d be a multimillionaire now.
Naturally, the question arises, whether or not you can still grind out some profit for yourself, by investing right now. After all, there are coins like Doge, Ada or Shib, that would have handsomely multiplied your investment at a much later point in time.
Enthusiasts of the crypto space will tell you that it is still early and broad mainstream adaption is yet to happen, as the technology matures to be safer, cheaper to run and easier to interact with. After all, haven’t we all heard that use cases of blockchain technology are limitless?
I disagree with this. Strongly. While there might be technical and philosophical merit to crypto, which I do believe is the case, the space in which a lucky few have effortlessly acquired immense wealth has - in hindsight quite unsurprisingly - attracted an uncanny amount of scammers, fraudsters and con-artists, that have poisoned the whole ecosystem to a point, where you can safely assume that almost everything that is being pitched or sold to you, is either fraudulent or just stupid.
The percentage of projects for people to burn their money in, is surely enough to kill the entire idea of crypto many times over. Additionally, many of the newer iterations of the basic idea of crypto do not add any value to anything, as I expressed in this (German) article back in August of 2016.
I argued back then - and I agree with myself now - that while blockchain solved a real problem in that scarce resources and value could not be moved via the internet, there was little actual use outside of that. From what I can tell, this holds true, as I have yet to encounter a project, that uses some kind of token, be it fungible or not, in any meaningful way. Rather, just to sell people digital cats, pigs and waifus, preying on their FOMO.